Tag Clouds

Retail engagement platform Netree on Tuesday called for further rationalisation of the goods and services tax (GST) by restricting the number of tax slabs at two to promote the retail sector growth as too many slabs create compliance burden for small and medium retailers.
“Rationalisation of GST should be done with just one to two plainer slabs along with simplification on account of filing of returns,” Desi Valli, founder and CEO of Netree, said in a statement.
He also urged the government to look at simplifying the procedures for filing returns.
Too many slabs create compliance burden for small and medium retailers, he said.
“As we need to deal with all the stakeholders in retail value chain, simplification of procedure will make the compliance easier and error free,” Valli said.
Further, Valli demanded tax incentives on digital payments for small and medium retailers to be announced in the forthcoming budget to promote digital transactions.
“Government must propose separate funds to organise start-up meets to enable various stakeholders to meet and explore opportunities,” he added.
(With PTI Inputs)

Tag Clouds

Finance ministry on Tuesday said that the various initiatives taken by the government have started yielding results with loans to the micro sector witnessing a growth of 20 per cent.
“MSME initiatives start yielding results! Credit to micro sector up 20% YoY; MUDRA loans contribute to offtake; PSB share in first time borrowers 79%. Transformational shift underway!,” financial services secretary Rajiv Kumar said in a tweet.
First time borrowers increased 4 lakh and the public sector bank contribution was 79 per cent, he said.
Loans to small business in the sub-Rs 10 lakh category registered a growth of 32 per cent, he said.
MSMEs with loan between Rs 10 lakh to Rs 5 crore have the lowest deliquency rate, he said, adding that these are relatively stable with limited downside.
The government has taken a slew of measures, including tax concessions in the budget, for MSMEs with an annual turnover of up to Rs 250 crore and lowering of the interest burden.
The RBI on its part too announced various measures for MSMEs hit by the implementation of goods and services tax (GST) by giving them additional up to 180 days to clear their dues to banks.
As part of alignment with the new taxation regime, the Union Cabinet last month also approved the change in criteria for classifying MSMEs from investment in plant and machinery to annual turnover.
As per the new classification, enterprises having annual turnover of less than or equal to Rs 5 crore fall under the micro category.
Units having turnover between Rs 5 crore to Rs 75 crore will be classified as small enterprises, whereas those having turnover between Rs 75 crore and Rs 250 crore will be classified as enterprises.